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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight" I3 G9 z. `& [/ E/ E
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly2 I+ j) M% v' O8 v8 L# Z
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal7 x) x; b* _. m' V; R0 y) U- m
operating band of 50 basis points for the overnight rate.4 i3 y9 p: z) W# J
5 G; J+ H& z ^3 I* B/ v) O, j cThe global economic recovery is proceeding but is increasingly uneven across countries, with
1 r7 a- @1 t, X8 fstrong momentum in emerging market economies, some consolidation of the recovery in the
- a" r/ h) f8 D$ f$ B. q: u5 T. D) NUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
% u+ O+ o8 l" }# e% g# p8 [in Europe. The required rebalancing of global growth has not yet materialized.% ^+ r3 C7 p4 M8 C/ w
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
& C0 t5 J# H6 f- `! [1 m: U* [stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the! m) {/ y* V6 n* L
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result8 w: s9 Q* W; ?7 @; w. h& a
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
, ~% c. S: L$ t- K& o, [8 qimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
2 r& H! A# P* L3 gspillover into Canada from events in Europe has been limited to a modest fall in commodity
# e! w7 r( f! b) F1 \ ^, U! Tprices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent: l5 | n0 E b6 s0 K
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
! Q+ Y) K) }4 s4 j; X3 xGoing forward, household spending is expected to decelerate to a pace more consistent with
# s. x7 o5 u7 Z2 _; k; Zincome growth. The anticipated pickup in business investment will be important for a more0 C3 |2 M) K' s' W& d* j9 T
balanced recovery.
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% A- A% G% O0 ]* G/ h2 s# NCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects4 I- N- I" D, g
the combined influences of strong domestic demand, slowing wage growth, and overall excess- Q+ q. ]9 J/ X4 F
supply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and$ U* D( N J7 E9 r8 }* g( S
to re-establish the normal functioning of the overnight market. This decision still leaves considerable , l: L% K* U1 B9 x7 O7 A* n$ B
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
/ ?$ H6 C$ v. |! j1 u5 v0 Z# u3 nsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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5 I4 t/ t( M8 ~, b6 `+ A% l7 CGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary& c$ J( k# H7 v6 T v
stimulus would have to be weighed carefully against domestic and global economic/ ~* ?5 b5 x8 b2 i
developments.! F: S Z+ i9 M6 w- w; Y6 D# u
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Information note:
j3 |* J, a7 l ]" G7 _The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
* g' o+ h: y5 q+ _: f c4 b5 v+ Hof the Bank's outlook for the economy and inflation, including risks to the projection, will be" _* V# }7 ^! b7 a; O' Q
published in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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楼主
发表于 2010-6-1 10:11
发表于 2010-6-1 12:38
小罚一下， 请您做一碗正宗的麻辣面犒劳一下版主游侠同志！